GBP/USD Extends Rally Towards 1.46, Fresh 11-Week Tops

GBP/USD Extends Rally Towards 1.46, Fresh 11-Week Tops

26 April 2016, 11:40
Roberto Jacobs
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GBP/USD Extends Rally Towards 1.46, Fresh 11-Week Tops

The bid tone surrounding GBP/USD picked-up significant strength over the past couple of hours, taking the rally way beyond 1.45 handle.

GBP/USD fast approaching 1.46 barrier

The GBP/USD pair advances 0.60% to 1.4572, having previously posted fresh eleven-week highs at 1.4579. The cable finally ended the Asian consolidation box and broke sharply to the upside, finding solid support from a broadly lower US dollar, as markets rebalance their positions ahead of the crucial US durables goods data.

Moreover, the bulls appear to ignore slight downbeat UK mortgage approvals data and waning support for anti-Brexit, as reflected by the latest ORB polls for the Telegraph. Focus now remains solely on the US economic news and the resultant USD moves, which will set the tone ahead of the key FOMC verdict due tomorrow.

GBP/USD Levels to consider


The pair has an immediate resistance at 1.4586/80 (daily R2/ Feb 10 High), above which 1.4652/70 (daily R3/ Feb 4 High) would be tested. On the flip side, support is seen at 1.4500 (psychological resistance turned support) below that at 1.4480/70 (daily low & pivot).


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